A partially demolished three-bedroom home in Sydney’s inner west is expected to fetch seven figures at auction, despite missing walls and a floor. The property at 38 Ivy Street, Darlington, has been described as a “renovator’s delight” though that might be generous given its current state.
Strong interest from buyers
“It’s piqued a bit of interest, we had about 30 at the first open,” Montano Real Estate’s Michael Montano said. The average three-bedroom home in the inner-city suburb sells for $2.4 million, but this partially demolished property is expected to go for around $1.15 million based on buyer feedback.
Despite the state of the place, the owner is still set to turn a tidy profit after purchasing the home in 1994 for just $205,000.
Sydney suburbs still turning profits
New data reveals that despite the market slowing, most Sydney suburbs are still making money for sellers. Blue chip suburbs including Ku-ring-gai, Chatwood, Mosman, Manly and Bellevue Hills are performing the best, with some sellers pocketing more than $2 million in profit.
In Mount Druitt, Penrith, Camden, Campbelltown and Richmond, more than 99 per cent of sellers still made a profit. All units in Campbelltown, parts of Sydney’s inner west like Marrickville and Sydenham, and western suburb St Mary’s also proved to be good investments.
Market downturn expected to continue
“When you look at the proportion of homes being resold at a profit, it is being dominated by those more affordable southers,” Domain Chief Residential Economist Dr Nicola Powell said. The trend is defying what’s been described as the sharpest start to a downturn in Sydney’s history.
“We will continue to see price falls,” Powell said. The Ivy Street property goes under the hammer later this month.
